Cryptocurrency Market Performance

Currently, total market capitalization of cryptocurrencies is $1.9 trillion, with BTC accounting for 56.05% at $1.07 trillion. The market capitalization of stablecoins is $169.5 billion.

The price of BTC has shown a shock downward movement this week, with BTC now at $53,827 and ETH at $2,238. Top 200 projects of CoinMarketCap generally declined, including: BEAM down 23.91% in 7 days and DOGS down 22.29% in 7 days.

The Bitcoin Ahr999 indicator is at 0.53, close to the market indicator from a year ago; the indicator for September 11, 2023 is at 0.4, which is below the 0.45 plunge line.

According to CME's 'Fed Watch' data, the probability of the Fed cutting rates by 50 basis points in September fell to 29%, and the probability of a 25 basis point cut rose to 71%.

The 'Fear & Greed Index' for September 7 was 23 (lower than last week), and this week's sentiment: 7 days of fear.

Understanding the Now

A look back at the week's big events

1. On September 2, CryptoKitties launched a new item: egg, an NFT series with a mint price of 0.008 ETH and a total of 3,134 NFTs minted in three grades: common, uncommon and rare. The series is currently flooring at 0.1121 ETH, up 261.67% in 24 hours;

2. UniSat adjusted the base inscription service fee to 0.01 tFB and increased the single tap claim amount to 0.1 tFB in response to the issues on the Fractal test network due to a surge in bot activity. uniSat plans to improve infrastructure performance and stability prior to the launch of the main network;

3. Justin Sun announced they will focus on reducing Tron network handling fees to attract more users to Tron, Meme and NFT;

4. Ethena Season 2 airdrop campaign is coming to an end. Their team will announce details of the airdrop claims after the wrap-up, with Ethena's total locked-in value (TVL) now down to $2.794 billion. Meanwhile, the price of Bitcoin recovered to break above $58,000, while DeFi protocol fee revenue fell 24% in August, the lowest since February this year;

5. TON Accelerator launched the TON: Acc Incubator and the TON: Acc Portal, designed to provide startups on the TON network with up to $2.5 million in investment to support their transition from idea to product, and to provide investors the opportunity to discover early-stage projects;

6. The EtherVista project permanently repurchased and destroyed 2.17% of total token supply through its automatic VISTA token repurchase and destruction mechanism, designed to increase the value of tokens;

7. EOS Network Foundation plans to release Spring v.1.0, which utilizes the Savanna consensus algorithm to improve speed and efficiency of the EOS network, introducing technology to enhance privacy and security;

8. Ripple plans to launch XRPL EVM sidechain in 2025 to enhance the programmability of the XRPL development ecosystem, including smart contracts, exploring native functionality on the XRPL mainnet;

9. Tron network's Gas fee revenue reached $61.43 million in August, up 46.54% YoY, indicating increased network activity. Other networks such as BSC, Ether, Solana and Bitcoin saw varying increases and decreases in Gas fee revenue;

10. On September 4, Samsung Next, a subsidiary of Samsung, invested in Startale Labs, a Sony blockchain Soneium development team;

11. Pendle released a report on the Penpie attack: contracts were suspended immediately after the breach was discovered, saving $105 million in assets;

12. On September 4, Justin Sun: $8 million of SUN tokens have been destroyed, $4 million of destruction remaining to be executed;

13. On September 6, 4.9% of TON holders were in profit, 5% of TON wallets held tokens for more than 1 year.

Macroeconomics

1. On September 5, the Ripple Labs legal team requested a suspension of a $125 million fine payment;

2. On September 7, the probability of a 50 basis point Fed rate cut in September fell to 29% and the probability of a 25 basis point cut rose to 71%, according to CME's Fed Watch.

ETF 

According to statistics, during September 2- 6, U.S. Bitcoin spot ETF net outflow: $706.2 million; As of September 6, GBTC (Grayscale) total outflow: $20.012 billion, currently holds $11.959 billion; IBIT (BlackRock) currently holds $19.102 billion. Total market capitalization of the U.S. Bitcoin Spot ETF is: $50.307 billion.

Net outflows from the U.S. Ether Spot ETF: $91.1 million.

Foreseeing the Future

Upcoming Events

1. TOKEN2049 Singapore 2024 will be held on September 18th and 19th to define what's next in the Web3 space;

2. Permissionless III to be hosted by Blockworks on October 9-11 in Salt Lake City, Utah, USA, which will offer panel discussions, networking opportunities, and more.

Project Progress

1. Enjin Relaychain v1.3/Enjin Matrixchain v1.1 to go live on the mainnet on September 9th, the upgrade is called Kampong Glam, bringing updates including the provision of token deposits. 

2. The effective date of the Tidal Investments and Quantify Chaos Advisors Bitcoin & Gold Hybrid ETF, STKD Bitcoin&Gold, is September 9, 2024;

3. Synthetic asset platform Kresko announced it will shut down and users need to complete asset withdrawals and migrations before September 10th; Discord support deadline is September 20th, and users need to use the Kopio front-end for withdrawals after September 20th;

4. Optimism proposes to perform a Granite Upgrade. If he relevant proposal is voted on and passed, the Granite Network Upgrade will take place on September 11th at 00:00, intending to address security vulnerabilities identified in a series of third-party security audits by Spearbit, Cantina and Code4rena, none of which were exploited nor have ever compromised user assets. None of the vulnerabilities have been exploited and user assets have never been threatened;

5. BNB Chain's eco-MEMEME platform, Four.Meme, is hosting a Meme creation contest until September 13th, with a total prize pool of 1 million Four.Meme points and $20,000 worth of Meme tokens;

6. Block's crypto trading app, Cash App, will close its UK operations on September 15, six years after launching its service in the UK.

Important Events

1. U.S. presidential candidates, Donald Trump and Harris, said they have agreed to participate in a debate on Sept. 10 hosted by ABC News. Trump has signed up for two other debates, one on September 4 hosted by Fox News and the other on September 25 hosted by NBC News;

2. platform X will close its San Francisco headquarters on September 13, with employees in San Francisco being moved to offices in San Jose or Palo Alto, while platform X's headquarters is expected to move to Texas.

Token Unlocks

1. Xai (XAI) will unlock 35.88 million tokens on September 9, valued at about $6.43 million , or 6.29 percent of the float;

2. Pendle (PENDLE) will unlock 227,200 tokens on September 11, valued at approximately $597,000, or 0.14% of the outstanding volume;

3. aptos (APT) will unlock 11.31 million tokens on September 11th, valued at approximately $65.37 million, or 2.32% of the outstanding volume;

4. io.net (IO) will unlock 2.87 million tokens on September 11th, valued at approximately $4.31 million or 3.02% of the outstanding volume.

About Us

Hotcoin Research, as the core investment research department of Hotcoin, is dedicated to providing comprehensive and professional analysis of the crypto market. Our goal is to offer clear market insights and practical operational guidance for investors at all levels. Our professional content includes "Play to Earn Web3" tutorial series, in-depth analysis of crypto market trends, detailed analysis of potential projects, and real-time market observations. Whether you are a newcomer exploring the crypto world or a seasoned investor seeking deep insights, Hotcoin is your reliable partner for understanding and seizing market opportunities.

Risk Disclaimer

The crypto market is highly volatile, and investment involves risks. We strongly advise investors to fully understand these risks and operate within a strict risk management framework to ensure the safety of their funds.

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